Lola Rodriguez, capital 1/1/19 $106,000 Lola Rodriguez, Drawing &

Lola Rodriguez, capital 1/1/19	$106,000
Lola Rodriguez, Drawing	10,000
Selling expenses	20,000
Equipment	130,000
Accumulated depreciation (equip)	32,000
Accounts payable	10,600
Cash	33,800
Inventory	7,000
Unearned Revenue	6,000
Sales	136,000
Cost of merchandise sold	40,000
Administrative expenses	28,200
Accounts receivable	28,000
Notes payable (due 12/31/23)	6,400

Instructions:

Prepare a multiple step income statement and a statement of owner’s equity for the year ended December 31, 2018 and a classified balance sheet as of December 31, 2019.

Expert Solution

INCOME STATEMENT OF LOLA RODRIGUEZ

FOR THE YEAR ENDED DECEMBER 31, 2019

STATEMENT OF OWNER'S EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2019

Particulars	$
Lola Rodriguez', Capital 1/1/19	106,000
Add: Net Income	47,800
Less: Lola Rodriguez', Drawing	10,000
Lola Rodriguez', Capital 12/31/19	143,800

BALANCE SHEET

AS OF DECEMBER 31, 2019

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